Underappreciated and Underweighted?

At Calamos, we believe that asset allocations should reflect
long-term growth opportunities.* By any number of measures, many investors are underweighted
to emerging markets. Currently, only 5 percent of European fund assets are invested in emerging market
equity funds, but emerging market companies make up more than 10% of the global equity market.
The gap widens even more from a secular perspective. Emerging markets represent more than 50%
of the global economy, based on a measure of GDP growth that accounts for purchasing power.
To commensurately reflect this, investors may choose to make a larger, core allocation to
emerging markets.
*Of course, individuals' allocations will vary based on risk tolerance and time horizon.

Due to rounding, the pie chart may not equal 100%. The MSCI ACWI Index is a free-float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Sources: Morningstar, International Monetary Fund World Economic Outlook, October 2013, and Calamos Advisors LLC. MSCI ACWI data as of 3/31/2013. GDP data shown below is based on purchasing power parity, which is an reflects an adjustment to equalize currency rates.

The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Information contained herein is for informational purposes only and should not be considered investment advice.